Polymarket is seeking to raise funds at a valuation of more than US$20 billion, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The prediction markets platform is holding early discussions to raise about US$1 billion in the funding round, the report added.

Reuters could not independently verify the report. Polymarket did not immediately respond to a Reuters request for comment.

Prediction markets, which let users wager on yes-or-no outcomes across a wide range of events, have exploded in popularity and are garnering strong investor interest. 

Peer Kalshi said earlier this year that it had raised US$1 billion at a US$22 billion valuation. Polymarket’s latest discussions come after it raised US$1 billion at a US$15 billion valuation in April, the report said.

New York Stock Exchange parent Intercontinental Exchange invested US$600 million in Polymarket earlier this year, which the report said was a part of the April funding round.

Polymarket’s annualized revenue had surpassed US$1 billion, Reuters reported in June, citing a source familiar with the matter.